Texas A&M University will start the year with a $377 million refunding deal.
The three series on the calendar Jan. 12 will refund 2005 bonds for present value savings and take out commercial paper.
Citi will be book runner on $199 million of series A and B bonds, with JPMorgan as senior manager on the $178 million Series C. Mary Williams, senior vice president of First Southwest Co., is financial advisor.
The bonds carry Moody's Investors Service's Aaa rating AA-plus ratings from Standard & Poor's and Fitch Ratings. Outlooks are stable.
After this issue, The Texas A&M University System will have about $3.4 billion of debt, which includes Revenue Finance System and Permanent University Fund bonds and leases, according to Fitch.
The system's maximum annual debt service is about $269 million in fiscal year 2016.
TAMUS consists of 11 academic institutions throughout Texas, seven research and service agencies, a health sciences center, and a new law school. Since fall 2010, system headcount increased more than 15% to 138,741 in fall 2014.
The flagship campus in College Station has an enrollment of 56,500 students.
TAMUS has a one-third interest in the Permanent University Fund that it shares with the University of Texas System. As of Aug. 31, 2014, the endowment made up from investments and royalties from state-owned land, had a value of $17.3 billion.
The TAMUS capital improvement program includes $2.1 billion of projects through 2019. In addition to RFS and PUF bonds, the plan will include public-private partnerships, according to Moody's.
"The system's large financial resource base, consisting of total financial resources of $13.5 billion at Aug. 31, 2014, is a key underpinning of its Aaa rating," Moody's analyst Mary Kay Cooney wrote in the ratings report.
Among the largest projects underway at the College Station campus is the $450 million redevelopment of the Kyle Field football stadium. The stadium finance plan calls for 51% of the cost to be funded by annual seat licenses, 27% from donations, 17% students, and 5% from local government agencies.
